It is not always the tenant who has a hard time paying the mortgage. As a real estate investor or landlord, there may be times when it’s hard to pay the mortgage on your end as well. Here are some things you can do to avoid difficulty paying your mortgage each month.
Keep properties full. While it may sound overly simplified, this is the most obvious method for rent money coming in each month to cover the mortgage payments. Stay up and current on advertising for new tenants. And don’t put off screening applicants. Recognize filling your vacancies as job #1 for success and deal with it quickly and efficiently.
Find quality tenants. Full properties of good tenants can sometimes seem like a fairytale. But there is a key to unlocking this kingdom. A good tenant pays rent on time, maintains the property, and doesn’t abuse the lease. Credit and background checks are a must; you can find suitable tenants available and thereby do what’s possible to keep your rental fees coming in regularly, which will help you pay the mortgage when it comes due.
Long-term tenants are best. Quality tenants will not necessarily be long-term ones. Some great renters may know they can’t stay longer than a few months. For example, students or temp workers are often in an area waiting to move or retire somewhere else. Whatever the situation, opt for longterm renters when the choice is available.
Maintain your properties. If you want good tenants, long-term tenants, and tenants who pay on time, do your part to keep them. Maintenance issues should be dealt with quickly. Repairs should be made as necessary. Upgrade appliances and ensure the ones you provide are in good working order. Respond to your calls from tenants rapidly, or if you can’t be sure, they know you’ll be unavailable.
Being a good landlord will go a long way in developing lasting relationships with your tenants, which will, in turn, help you keep them in your property longer. Often a tenant and landlord relationship can turn an ok tenant into a great one simply because they desire to keep that good relationship intact.
In a tough economy, it’s essential to do all you can to avoid facing the difficulty of paying the mortgage. That applies just as much to a Real Estate professional as to the average renter. These simple tips can help as you work to develop lasting, long-term, goof tenants to keep your properties bringing in the income you need every month.
